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    South32 Oct-Dec coal production slumps nearly 50% YoY

    sxcoal.com Company,  Production & Sales,  Thermal Coal,  Coking Coal 2024-01-24 08:35:34

    Australian miner South32 reported its coal output fell 49% from a year ago and 25% quarter on quarter to 877,000 tonnes during the December quarter of the fiscal year 2024 (July 2023-June 2024), the company said in its latest quarterly report.

     

    Coal sales of the company stood at 900,000 tonnes during the given period, down 50% year on year and 25% from the previous quarter.

     

    Metallurgical coal production decreased 50% on the year and 29% from a quarter ago to 744,000 tonnes in October-December. Sales stood at 763,000 tonnes, down 49% and 23% from the year- and the quarter-ago levels, respectively.

     

    Thermal coal output came in at 133,000 tonnes, down 47% year on year but up 6% on the quarter, while sales declined 56% on the year and 32% quarter on quarter to 137,000 tonnes.

     

    In the first half of the current fiscal, South32 produced a total 2.05 million tonnes of coal, down 39% year on year, as the company completed two planned longwall moves. Coal sales fell 34% to 2.10 million tonnes.

     

    Cumulative production of metallurgical coal, the company's biggest revenue-generating commodity, amounted to 1.79 million tonnes from July to December 2023, diving 35% from the previous year, while sales were 1.76 million tonnes, down 34% on the year.

     

    Thermal coal output and sales reached 258,000 tonnes and 337,000 tonnes, respectively, down 55% and 34% from a year ago, the company said.

     

    South32 kept its annual production guidance of 5.0 million tonnes of coal unchanged in FY2024, including 4.4 million tonnes of metallurgical coal and 600,000 tonnes of thermal coal. Production volume for FY2024 would be weighted to the second half.

     

    (Writing by Riley Liang  Editing by Emma Yang)
    For any questions, please contact us by inquiry@fwenergy.com or +86-351-7219322.

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